The market is estimated to grow at a CAGR of 10. 6 % during 2019–2027. The growth of the pulmonary devices market in Asia Pacific is attributed to the increasing prevalence of respiratory diseases and growing number of COVID-19 cases.
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Factors such as unfavorable reimbursement scenario associated with the pulmonary device are likely to restrain the growth of the market.
Additionally, strategic activities by manufacturers and increasing preference of home care products are likely to fuel the growth of the pulmonary devices market during the forecast period.
Pulmonary or respiratory devices are used to remove mucus and secretions from the respiratory tract. These medical devices are focused on diagnosis, control, treatment, management, and evaluation of the problems associated with respiratory tract.
The higher prevalence of respiratory disorder is mainly due to the decrease in size of the upper airway lumen in aging population.Millions of people suffer from various respiratory diseases; lung diseases are the most common medical conditions.
Smoking, genetic factors, and infections are among the common factors responsible for respiratory diseases. Medical conditions such as asthma and chronic obstructive pulmonary disease (COPD), chronic bronchitis, cystic fibrosis, and lung cancer are among the significant public health burdens.
According to a new Tulane University study published in The Lancet, chronic obstructive pulmonary disease (COPD) is widespread in China with 8.6% of the country’s adult population, i.e. almost 100 million people suffering from the chronic lung disease. Additionally, among India’s 1.31 billion people, about 6% of children and 2% of adults have asthma.
The patients suffering with these respiratory disorders commonly experience difficulty in breathing.Thus, the availability of various pulmonary devices has helped improve the survival rates of the patients suffering from abovementioned medical conditions.
The rising demand for various therapeutic devices among patients with respiratory disorders is expected to augment the growth of the market during the forecast period.
Asia Pacific countries are expected to witness massive challenges due to increasing COVID-19 cases.To manage the COVID-19 outbreak and provide efficient treatment to patients in the region, local medical device companies are ramping up the production of alternative respiratory systems in the Asian countries.
The governments in India and Australia, among others are taking initiative to fulfill the demand of oxygen during COVID-19 pandemic. Thus, the development of these solutions is likely to create a positive impact on market growth in the Asian region.
In 2019, the therapeutic devices segment held the largest share in the market and is expected to retain its dominance till 2027.The multi-modal and multi-functional use of therapeutic devices for a wide range of pulmonary diseases is expected to account for the growth of the therapeutic devices segment over the coming years.
On the other hand, the consumables and accessories segment is expected to witness fastest growth